Ever since John Swigart and I founded Pie Insurance in 2017, our goal has been to serve small businesses with affordable insurance that is easy as pie. To provide the most seamless experience possible for our partners and policyholders, we have always believed we needed to become a full stack insurance carrier. We came one step closer to making that a reality earlier this year when we announced that Pie had secured an A- Excellent rating from AM Best. Our rating, combined with the news that we’d completed the acquisition of a nationally licensed insurance company, meant we’d soon be able to serve our independent agency partners and small business customers across the country with the utmost confidence.
By the end of 2023, we plan to issue all of Pie’s workers’ compensation policies on our own writing companies. It’s been a lot of hard work internally but one of the most exciting things for you, our trusted partners, is that very little will change. Because we were able to secure an A- Excellent rating from AM Best, you can rest assured that the coverage your clients get from Pie going forward will be backed by the same financial stability as those policies you’ve bound with Pie to date. The only notable change you’ll see in the near-term is that we’ll start accepting deposits on policies after issuance, rather than before, which will make your experience working with Pie to get workers’ comp coverage for your clients even easier.
This transition isn’t going to happen overnight—we’ll be starting with new policies written in Alabama, Arizona, Iowa, Illinois, Oklahoma, and Tennessee and adding additional states throughout the remainder of the year.
Whether you’ve been a partner since the beginning—when we could only offer coverage in a handful of states—or have just started writing with Pie, we couldn’t have found this level of success without you. Just in the last year we: announced that we’d doubled the number of partners, customers, and written premium; raised an additional $315 Million; and announced a partnership with Ford Credit to launch our next line of business in commercial auto, just to name a few highlights.
Long term, this evolution will give us more flexibility to make adjustments to our appetite, and make us more competitive in the marketplace. I’m excited to have you along for the ride, and I can’t wait to see where we go together.